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TMI BlogInsertion of new section 112A.- Tax on long-term capital gains in certain casesX X X X Extracts X X X X X X X X Extracts X X X X ..... cases 112A. (1) Notwithstanding anything contained in section 112, the tax payable by an assessee on his total income shall be determined in accordance with the provisions of sub-section (2), if- (i) the total income includes any income chargeable under the head Capital gains ; (ii) the capital gains arise from the transfer of a long-term capital asset being an equity share in a company or a unit ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ome as reduced by the amount of long-term capital gains referred to in sub-section (1) as if the total income so reduced were the total income of the assessee: Provided that in the case of an individual or a Hindu undivided family, being a resident, where the total income as reduced by such long-term capital gains is below the maximum amount which is not chargeable to income-tax, then, the long-te ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (1), the deduction under Chapter VI-A shall be allowed from the gross total income as reduced by such capital gains. (6) Where the total income of an assessee includes any long-term capital gains referred to in sub-section (1), the rebate under section 87A shall be allowed from the income-tax on the total income as reduced by tax payable on such capital gains. Explanation.-For the purposes of thi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... pect of the fund, as the case may be, shall be computed with reference to the annual average of the monthly averages of the opening and closing figures; (b) International Financial Services Centre shall have the meaning assigned to it in clause (q) of section 2 of the Special Economic Zones Act, 2005 (28 of 2005); (c) recognised stock exchange shall have the meaning assigned to it in clause (ii) o ..... X X X X Extracts X X X X X X X X Extracts X X X X
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